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Patrick McKenzie@patio11• over 1 year ago

This is the paradigmatic example of why we have securities laws: https://t.co/6dVKINsBeT

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2.8K 248
3/29/2024
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Patrick McKenzie@patio11• over 1 year ago
Replying to @patio11

It’s usually a dentist not a pharmacist* but “Highly intelligent well-respected member of the community gets taken advantage of and loses life savings or more” can only happen so many thousands of times before guardrails get put in. * Read this as a joke not a true statement

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3/29/2024
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Patrick McKenzie@patio11• over 1 year ago
Replying to @patio11

There’s often a certain amount of chuckling in finance circles about the medical professions at this point, and I am compelled to point out that the same trade was a daisy cutter across the putatively serious professionals in crypto (after it had made some huge amounts of money).

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Patrick McKenzie@patio11• over 1 year ago
Replying to @patio11

Padme/Anakin: At least we learned our lesson about purported stablecoins offering 35.4% APRs. We learned our lesson. Right?

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3/29/2024
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Patrick McKenzie@patio11• over 1 year ago
Replying to @patio11

OK if I quote the exact APR that is well into subtweet territory. For purposes of identification only: https://t.co/bCiUSquJd2

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Patrick McKenzie@patio11• over 1 year ago
Replying to @patio11

I will pre-fill the objection to this: “You don’t understand how this generates a sustainable yield. It is, skipping a lot of steps, because we charge speculators money for services. Also, don’t you TradFi people understand bonds. We have never described it as being risk-free.”

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3/29/2024
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Patrick McKenzie@patio11• over 1 year ago
Replying to @patio11

Oh pip pip for @innercitypress , who is worth a follow if you like following crime beat reporters. I only made it a screenshot rather than something more legible because Twitter lacks an easy way to cite a multiple-tweet segment of a thread.

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